Owing money to Canada Revenue Agency (CRA) is stressful. Manage it by following these guidelines: Request a payment plan – CRA will split what you owe into smaller, more manageable amounts. However, this balance will accrue interest until it’s paid off, and defaulting on your payment plan also means collections attempts from CRA. Consult a Licensed Insolvency Trustee – discuss a consumer proposal if a payment plan won’t work. With this option, you can settle your debts for less than you owe; the Trustee will negotiate a settlement with the CRA on your behalf, and you will then make affordable payments to the Trustee. A consumer proposal or bankruptcy will stop collection activity from CRA. Act quickly – never ignore a notice or call from CRA. They are willing to work with you, but only if you communicate with them first.

Derek L. Chase, CPA, CA, CIRP Licenced Insolvency Trustee
ChaseSekulich.com